May 11, 2023
Prepaid Market: The Solution for Business Owners to Reduce Fraud Losses
Digital fraud has become an increasingly significant concern in recent years as more businesses and consumers rely on digital channels to conduct transactions. Here are some facts about fraud in the digital market:
- The cost of online fraud is projected to reach $50 billion by 2024, according to Juniper Research;
- Digital fraud attacks have increased by 33% since 2019, according to a report by TransUnion;
- Account takeover (ATO) attacks, where fraudsters gain access to a user’s account and conduct fraudulent transactions, have increased by 72% between 2019 and 2020, according to a report by Javelin Strategy & Research;
- The average cost of a single ATO attack is $290, according to the 2020 Global Identity and Fraud Report by Experian;
- E-commerce businesses are particularly vulnerable to fraud, with 32% of all e-commerce transactions being fraudulent attempts, according to a report by RSA Security;
- Phishing attacks, where fraudsters use fraudulent emails, texts or social media messages to trick victims into disclosing their personal information, have increased by 220% during the pandemic, according to the FBI’s Internet Crime Complaint Center;
- Fraudulent mobile app installs have increased by 15% in the first half of 2020, according to a report by AppsFlyer.
These facts demonstrate the growing threat of digital fraud and the need for businesses to take proactive measures to protect themselves and their customers. Implementing robust fraud prevention and detection measures, such as multi-factor authentication, device recognition, and transaction monitoring, can help businesses mitigate the risk of digital fraud and protect their customers’ sensitive information.
Fraud losses are a major concern for businesses of all sizes, but did you know that prepaid services can help you reduce them significantly?
According to a report businesses that switch to prepaid services for disbursements can reduce their fraud losses by up to 93%.Federal Reserve Bank of Philadelphia.
As a business owner, you’re always looking for ways to streamline your payment processes while minimizing the risk of fraud. Prepaid services may be the solution you need. By using prepaid for disbursements, you can eliminate the need for paper checks, which are vulnerable to fraud, and provide a secure and efficient way to pay employees, vendors, and customers.
The benefits of prepaid services go beyond reducing fraud losses. They also offer convenience and flexibility for both businesses and their recipients. With prepaid services, you can easily manage disbursements, monitor spending, and control expenses. Your recipients can use it to make purchases, withdraw cash, and pay bills, without the need for a bank account or credit check.
If you’re interested in a reliable prepaid solution for your business, the zendit platform offers a convenient, secure, and flexible option. As a zendit prepaid reseller, you can offer your customers a range of prepaid solutions that meet their specific needs, whether it’s for employee payroll, customer incentives, or emergency funds.
The zendit platform offers a range of features and benefits, including customizable services with your business branding, real-time card management, and customer support. With zendit, you can easily manage your prepaid program, track and earn commissions on every sale.